Producer prices at 16-year-high

Price inflation of goods leaving UK factories has reached its highest rate in 16 years, driven higher by petrol and food costs, official figures show.

Annual output price inflation reached 5.7% in January, up from 5% the previous month, according to the Office for National Statistics (ONS).

Prices paid by factories for their raw materials surged by 18.7% in the 12 months to the end of January.